Fidelity closes Small Cap Discovery Fund to new accounts

Wed Jan 16, 2013 9:12am EST

Jan 16 (Reuters) - Fidelity Investments said on Wednesday it is closing Small Cap Discovery Fund to new accounts as assets over the past year have nearly doubled.

The fund, managed by Chuck Myers since March 2006, will limit new purchases to existing shareholders, as of Jan. 31, Fidelity said in a statement.

"Investor inflows into the fund have accelerated and assets have nearly doubled over the past year to $3.9 billion," said Brian Hogan, president of Fidelity's equity group. "We believe that closing Small Cap Discovery Fund at this time is in the interests of the fund's shareholders, and stabilizing cash flows will help Chuck in seeking to maintain the fund's consistent performance track records."

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